We reiterate our Hold following the Q4 report. We adjust our 2026 EBITDA to USD 252.6m, compared to guidance of USD 240–260m. This results in an EPS of USD 0.30/sh (from USD 0.28/sh), while our 2027 estimate is revised two cents lower to USD 0.17/sh. Assuming a 50% payout ratio, the stock is yielding 6.6% and 3.6% in 2026 and 2027, respectively. Against a softer market backdrop, increased fleet growth from next year, and a potential reopening of the Suez Canal (~11% demand reduction), we see ris ....
